Nevada County picayune., 1887-09-15
PRESCOTT COUNTY ARKANSAS THURSDAY SEPT 15 1884,
JEFFERSON ON PAPER MONEY.

JEFFERSON ON PAPER MONEY.
 ''I am sorry to see our loans be. gin at so exorbitant Ail interest. Aud yet even al that, you will soon be at the bottom of the loan-bag. We are an agricultural nation. Such an one employs it's. sparings in the purchase, or improvement of land or stocks. The lendable money among them, is chiefly that of orphans and wards, in the hands of executors and guardians, and that which the farmer lays by till he has enough for the purchase in view. In such a nation there is one and one only, resource for lOails, sufficient to carry then, through the expenses of war; and that will always be sufficient, aud in the power of an honest govern menf, punctual in the prsserva. ton offts faith. The fund mean, is the mass of circulating coin. Every one knows, that although not literally, it is nearly true, that every paper dollar emitted ban. isl,es silver one from the circu. lation. A nation, therefore, mak, ing it's purchases and payments with bills fitted tor circulation, thrusts an equal sum of coin out of circulation" ."-Je effersOn's works, Vol. VI, P. 139. .s.t
 "In this way, I am not without hope, that this great, this sole re. source for loans iu an agricultural might yet be recovered for ti,e use of the nation during war; and, if obtained in perpetu. Um, it would always be sufficient to carry us through any war; pro, vided, that in the interval betw cen war and war, alt the outstanding paper should be called in, coin l,e permitted tO flow in again, aud to hold the field Of circulation until another war shouhi require it's place again to the national medium. ."--JeffersOn's works, Vol. VI, r. Al. s9e uzrl4f4
 "Bsnk paper mwst be suppress. ed, aud the circulating medium must be restored to the nation to whom It belongs. If is the oRly fxxd xpon whiek tkey can rety FOR it is the only resource which can never fail them, and 1t is an abundant one for every nee. cssary purpose. 7reasWry bills. on tares, bearing or not interest, as may be found mcce ssary, thrown into circulation will take the place of SO much gold and silver, which last, when crow ded. will find an effinx into other countries, and thus keep the 9uan- tum of medium at its saiutary lev. el."-JeffersOns works, V. 6, p. 199.
 i've are now without any medi. um; and necessity. as well as patri. otism and confidence will make us eager to receive treasury notes. if founded oa specific tares."-Jeffer. son's works, Vol. VI, P. 382. 'v'
 ''But Congress could then have issued treasury notes, payable within < fixed peried, and founded m a specific tax, the proceeds of which, as they come in, should be excha,'ueahle tor the notes Of that particular emission only."-Jefer- sons works, Vol. VI, P. 3S2.
 Treasury notes of small as well as high denomination, bottomed on a tax which would redeem them in ten years, would place at our disposal the whole circulating me- dlum of the United States: a fund of credit sufficient to carry us through any probable length of war" ."-Jeiferson's works, Vol. VI, P. 4l9. .'F hHiEHY1af fta
 "In both cases, the truth IS, that capital may be produced by indus- try, and accumulated by economy; but ,jMggiers omiy proW'se to create it by legerdeMain tricks with pa. per" ."-Jefferson's works, v.6, D 24I.
 "There is indeed a cOnvenince in paper; it's easy transmission from one place tO another. But this may be mainly supplied by bills of Exchange, so as to prevent any great displacement of actual coin. Two places trading togeth, CT balance their dealings, for the most part, by their mutual sup. plies, and the debtor individuals of either may, instead of cash, re- init the bills of those who are cred. itOrs in the same dealings; or may obtain them through some third place with which both have deal. ings. The cases would be rare where such bills could not be Ob tained either directly or circuit. ously, and too ullirnportant to the nation to overweight the train of evils flowing from paper circula. tiOn.-J effersOn's works, v.6 D 237.
 "And it is for this petty addition to the capi- tal of the nation, this minimum of one dollar. ad ded to one hundred and thirty three and d third or three fourths per cent. that we are 10 give up our gold and silver medium, its intrinsic solidity. its universal value, and its ssyinspowers tn time of WAT, and to sub stitute for it paper. with nll its train of evils, political and phy ysicsl. which l vii! not pretend to enumcrate. --Jeficrson's works, Vol. VI. r. 2s6. at"F h7r